Endor AG agrees on further steps as part of exclusive negotiations with strategic investor CORSAIR
EQS-News: Endor AG / Key word(s): Takeover/Mergers & Acquisitions
Endor AG agrees on further steps as part of exclusive negotiations with strategic investor CORSAIR
15.05.2024 / 21:29 CET/CEST
The issuer is solely responsible for the content of this announcement.*Endor AG agrees on further steps as part of exclusive negotiations with strategic investor CORSAIR*
*Landshut, 15 May 2024* – As part of the restructuring negotiations entered into on 9 May 2024, the Management Board of Endor AG has agreed on concrete steps with CORSAIR® (Nasdaq: CRSR) with the approval of the lending banks and the Supervisory Board.
As a first step, CORSAIR will provide interim financing, which will be made available in tranches in the short term in line with the company's maturity profile.
“During the exclusive negotiations, we perceived CORSAIR as a reliable partner that not only has the financial resources, but also knows our market well and wants to invest for the long term,” says Andres Ruff, CEO and Chief Restructuring Officer of Endor AG. “Following a comprehensive review, the lending banks also decided not to support other restructuring offers because they did not believe they were suitable to avert the threat of insolvency.”
CFO Matthias Kosch adds: “The successful avoidance of insolvency is the direct result of the work of a dedicated team. As part of the open-ended professional investor process, we scrutinised and evaluated various offers. We are confident that the acceptance of CORSAIR's offer will secure Endor's future in the long term.”
As already communicated, Endor AG is to be restructured outside of insolvency proceedings in accordance with the German Act on the Stabilisation and Restructuring of Companies (StaRUG) due to imminent insolvency. A binding agreement is expected to be signed in mid-June and submitted to the restructuring court in Munich in the near future.
As part of the restructuring, CORSAIR will take over Endor AG in full and provide it with sufficient financial resources to stabilise the company without external debt. Endor is currently leveraged with around EUR 70 million.
*About Endor AG *
Endor AG develops and markets high-quality input devices such as high-end steering wheels and pedals for racing simulations on game consoles and PCs. As a “brain factory”, the company’s focus is on the creative sector. Endor carries out product development and prototype construction under its own direction and together with specialized technology partners, primarily in Germany (“German engineering”). Endor sells its products under the FANATEC brand via e-commerce primarily to end customers in Europe, the USA, Canada, Australia and Japan.
*About CORSAIR*
CORSAIR (Nasdaq: CRSR) is a leading global developer and manufacturer of high-performance gear and technology for gamers, content creators, and PC enthusiasts. From award-winning PC components and peripherals to premium streaming equipment and smart ambient lighting, Corsair delivers a full ecosystem of products that work together to enable everyone, from casual gamers to committed professionals, to perform at their very best.
Copyright © 2024 Corsair Gaming, Inc. All rights reserved. CORSAIR and the sails logo are registered trademarks of CORSAIR in the United States and/or other countries. All other company and/or product names may be trade names, trademarks, and/or registered trademarks of the respective owners with which they are associated.
*Press and investor enquiries:*
Jasmin Dentz, GFD Finanzkommunikation
E-Mail: dentz@gfd-finanzkommunikation.de
Peter Herkenhoff, GFD Finanzkommunikation
E-Mail: herkenhoff@gfd-finanzkommunikation.de
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15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Endor AG
E.ON-Allee 3
84036 Landshut
Germany
Phone: +49-(0)871-9221-122
Fax: +49-(0)871-9221-221
E-mail: ir@endor.ag
Internet: www.endor.ag
ISIN: DE0005491666
WKN: 549166
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart
EQS News ID: 1904313
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